
How Do Credit Card Companies Use Data?
Credit card companies are some of the most active data users in the entire corporate marketplace. Credit cards utilize a vast network of data analysis products, and as a result, there is a huge analytical process that goes into approving a new credit application, raising a credit limit, or assigning an interest rate on a new credit account for a consumer. One approach that these brands use is prescriptive analytics. Many people seek out a simple way to define prescriptive analytics, thinking that this approach to data analysis is vast and challenging to understand. The truth is that prescriptive analysis is a straightforward process and one that commands a great volume of data products and algorithmic exploration. Prescriptive analytics helps brands decide what they should do rather than focusing on building…